Real estate news: low mortgage rates can’t compete with housing price increases

Real estate news: low mortgage rates can’t compete with housing price increases

Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:

National News

+ The national median home price rose 11% since last year — the largest annual increase in over 6 years.

+ COVID-19 has caused lumber prices to skyrocket more than 160%. Home buyers can expect to add about $16,000 to the price of a new house.

+ The share of mortgages in forbearance decreases to 3.4 million homeowners — a drop of 6 basis points.

+ With 84% of parents considering a home education model for their kids, back to school is affecting home buying decisions.

+ Think an empty nest is looming? Think again. 52% of young Americans ages 18 to 29 are now living with at least one of their parents.

+ When COVID-19 changes education plans, here’s how to set up a homeschool space anywhere.

Local News

+ Increases in home prices around Denver are wiping out savings from lower mortgage rates. Expect bigger monthly payments on single-family homes compared to a year ago.

+ Home prices in around Denver have increased 7% since January (6% for condos) — and they’re selling 10 days faster compared to this time last year.

+ RiNo is getting a new look and feel to help tame traffic.

Financial News

+ Violating the 30/30/3 rule may find some homebuyers overextended, unless they consider a few ways to get around it.

+ The average 30-year mortgage rate hit an all-time low of 2.86 percent in September, according to data released by Freddie Mac.

 

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